NMIMS Solution Dec 18
Must read before purchase: You must edit approx 10-20 percent answer for avoid copy case.
Question 1: You visited Subway that’s the fast food restaurant to purchase a Combo worth Rs 499. The restaurant paid for the raw material and utilities amounting Rs105 for each sale. In addition to that, the restaurant also paid for certain expenses in cash in total Rs 50 per sale.
Discuss how these financial transactions will be recorded by way of journal entry, and also, discuss the various stages of the whole accounting process. (10 Marks)
Question 2: The Companies Act 1956 was the first Act which governs the various Companies registered in India. However, in the year 2013, the Act was amended holistically to bring more transparency in terms of accountability, presentation and disclosure aspects in relation to various financial information of a company.
However one of your friend is of the opinion that there is only one difference between the two Act , that is , the presentation of financial statements , previously it was governed by Schedule VI and now Schedule III governs it.
Now, you are assigned with the task of convincing your friend that there is a huge difference between the two Acts, by briefing him on atleast five other points of differences between the two. (10 Marks)
Question 3: The following information pertains to the Income statement of Beta Ltd.
a. Redraft the information in the vertical form of Income statement and also, calculate Earnings After Taxes (EAT) (5 Marks)
b. Calculate the gross profit ratio and operating profit ratio. Discuss, how they differ from each other? (5 Marks)